Vietnam, Laos, Cambodia promote cooperation

11/11/2009

(Posted by CAAI News Media)

Vietnam has developed rubber plantation and processing projects in Laos, Cambodia

The fourth trade, investment and tourism promotion conference of the Vietnam-Laos-Cambodia Development Triangle opened in Buon Ma Thuot City in the Central Highland province of Dak Lak on November 11.

The conference was presided over by the Vietnamese deputy Minister of Planning and Investment, Nguyen Van Trung, the Cambodian Secretary of State at the Ministry of Commerce, Mao Thora, and the Lao Deputy Minister of Planning and Investment, Thoongmy Phomvisay.

Present were representatives from embassies and international organisations in Vietnam, ministries and departments and nearly 300 delegates from three countries. In the framework of co-operation of Vietnam-Laos-Cambodia Development Triangle, the annual event aims to introduce opportunities and investment incentives to businesses from the three countries.

In recent years, despite difficulties due to impact of the global financial crisis, localities in the development triangle have tried to improve the environment and investment policies to help businesses operate with greater efficiency. Laos has 8 projects with a combined registered capital of US$48 million and Cambodia 7 projects worth US$6.2 million operating in Vietnam. Meanwhile, Vietnam has 166 projects with a total capital of more than US$3 billion in Laos and 52 projects worth US$400 million in Cambodia, 28 of which are in the development triangle.

Over the past 10 months, Vietnam has invested in 20 projects in Laos valued at nearly US$1.3 billion and 10 projects in Cambodia with capital of US$218 million.

Vietnam has a lot of advantages, such as seaports, a huge market, highly qualified human resources and an abundant supply of consumer goods which can meet demands of the three countries.

Cambodia and Laos have great potential for developing agro-forestry, hydro-electric power and mining industry, industrial crops and tourism.

The conference discussed some proposals for investment co-operation in the development triangle, such as developing a comprehensive co-operation programme in the long-term period and building policies and procedures for each country and for the three countries in line with each country’s law and international regulations.